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Oil prices traded lower on U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 8.03 million barrels to 476.6 million in the week to October 16. It was the fourth consecutive increase. Analysts had expected U.S. crude oil inventories to rise by 3.65 million barrels.

Gasoline inventories decreased by 1.5 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, fell by 78,000 barrels.

U.S. crude oil imports climbed by 156,000 barrels per day.

Refineries in the U.S. were running at 86.4% of capacity, up from 86.0% the previous week.

The weak Japanese trade data also weighed on oil prices. The Ministry of Finance released its trade data for Japan on the late Tuesday evening. Japan's trade deficit narrowed to ¥114.5 billion in September from a deficit of ¥569.6 billion in August. Analysts had expected a surplus of ¥84.0 billion. Exports rose 0.6% year-on-year in September, while imports dropped 11.1% year-on-year.

Market participants are awaiting the results of the meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna today. Oil production cuts could be discussed at this meeting. But it is unlikely that concrete results will be achieved at this meeting.

WTI crude oil for December delivery declined to $45.28 a barrel on the New York Mercantile Exchange.

Brent crude oil for December decreased to $48.28 a barrel on ICE Futures Europe.

Gold price fell as the U.S. dollar strengthened and European stock indices rose. The uncertainty over the interest rate hike by the Fed this year also weighed on gold price.

Market participants are awaiting the European Central Bank's (ECB) monetary meeting tomorrow. A speech by the ECB President Mario Draghi will be closely monitored for signals of further quantitative easing. The inflation in the Eurozone remains at low levels, and several ECB officials expressed concerns over the low inflation.

December futures for gold on the COMEX today declined to 1165.40 dollars per ounce.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 8.03 million barrels to 476.6 million in the week to October 16. It was the fourth consecutive increase.

Analysts had expected U.S. crude oil inventories to rise by 3.65 million barrels.

Gasoline inventories decreased by 1.5 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, fell by 78,000 barrels.

U.S. crude oil imports climbed by 156,000 barrels per day.

Refineries in the U.S. were running at 86.4% of capacity, up from 86.0% the previous week.

The People's Bank of China (PBoC) has issued its first yuan bonds in London, the first yuan bonds outside China. The central bank hopes to get 5 billion yuan ($787 million). The rate is 3.1% and mature in 2016.

The People's Bank of China (PBoC) said on Wednesday that it supplied 105.5 billion yuan ($16.6 billion) to 11 commercial lenders via the Medium-term Lending Facility. The rate was 3.35%.

The central bank's action aims to keep interbank rates low and to boost the country's economic growth.

The World Bank lowered its oil price forecasts for 2015 and 2016 on Tuesday. The lender expect the crude oil prices to be $52 per barrel in 2015, down from its July estimate of $57 per barrel. Crude oil prices are expected to be $51 per barrel in 2016.

The World Bank said that the downward revision was driven by a slowdown in the global economy, high current oil inventories, and expectations that Iran will boost its oil exports.

West Texas Intermediate futures for December delivery fell to $45.86 (-0.93%), while Brent crude fell to $48.43 (-0.57%) after data from the American Petroleum Institute showed a larger-than-expected increase in U.S. crude stocks.

The API reported on Tuesday that U.S. commercial crude stocks rose by 7.1 million barrels to 473 million barrels in the week ending October 16, while analysts had expected a more modest increase of 3.9 million barrels.

The Energy Information Administration is due to release its more precise inventory data later today.

Investors are also waiting for the result of today's meeting of the Organization of the Petroleum Exporting Countries and non-OPEC oil producers.

Gold slid to $1,176.30 (-0.10%), although many analysts say that a weaker dollar is likely to support this dollar-denominated precious metal.

ANZ reported that physical demand improved with Russia increasing gold purchases for a second month in September. At the same time exports of the precious metal from Hong Kong to mainland China rose 65% on a monthly basis in September to 59.8 tons.

The median gold price forecast by members of London Bullion Market Association's conference suggests bullion to cost $1,159.88 an ounce (slightly lower than nowadays) in October 2016.